PRNewswire
Singapore, November 13: Mastercard today opened its largest Innovation Centre of Excellence (ICoE) in Asia Pacific, creating a new regional hub where financial institutions, merchants, governments and technology partners can work alongside Mastercard specialists to shape the future of commerce in the intelligence economy.
The 7,200+ sq ft facility brings together expertise in AI, cybersecurity, customer experience and rapid prototyping, turning promising ideas into real-world solutions faster. More than 55 specialists are already working across the ICoE to help partners address emerging challenges, strengthen resilience and create better digital experiences.
Mastercard plans to add over 250 specialist roles in Singapore by the end of 2029, expanding the talent and capabilities needed to advance responsible AI, trusted digital commerce, cybersecurity, data and payments across the region.
"Mastercard's Innovation Centre of Excellence brings together banks, merchants, technology companies and governments to develop and test new solutions. By combining expertise in AI, cybersecurity and fraud intelligence, it will help turn emerging technologies into solutions that businesses and consumers can trust," said Dr Tan See Leng, Minister for Energy, Trade and Industry (Energy and Industry), Singapore, at the launch. "I hope the ICoE will become a lighthouse for payments innovation in Asia Pacific, where new solutions are developed and proven in Singapore, before being adapted and deployed across ASEAN, India and beyond."
"Mastercard's Innovation Centre of Excellence marks a new chapter in our long-standing and multi-faceted partnership. By deepening its capabilities in AI, cybersecurity and threat intelligence, Mastercard will tackle emerging challenges and seize new opportunities across Asia Pacific. Singapore will continue to be a key hub where companies like Mastercard can innovate and pioneer the next generation of technologies for global markets, and create high-value jobs for Singaporeans," said Png Cheong Boon, Chairman, Singapore Economic Development Board (EDB).
Bringing together the capabilities to build what's next
Designed to evolve with changing technologies, risks and business models, the ICoE brings four complementary spaces together in one facility:
- AI Centre of Excellence: advancing responsible AI solutions that can make commerce safer, smarter and more intuitive, including applications in agentic commerce, fraud and scam prevention.
- Fusion Centre: bringing together expertise across cyber, fraud and physical security to identify emerging risks, coordinate response efforts and strengthen resilience across the ecosystem.
- Mastercard Experience Centre: giving financial institutions, merchants and public sector partners an immersive way to explore emerging technologies and new possibilities for their businesses.
- Makerspace: providing a hands-on environment to rapidly prototype, test and refine ideas, shortening the journey from concept to reality.
"Singapore continues to distinguish itself through its ambition, talent and ability to stay ahead of change. Mastercard has been proud to grow its presence here. This new investment reflects our confidence in Singapore's future and Mastercard's commitment to being a partner for the long term," said Jon Huntsman, Vice Chairman and President, Strategic Growth, Mastercard.
"Asia Pacific is moving quickly into a more intelligent and interconnected economy. The opportunity is to turn new technology into real-world value, securely and at scale," said Richard Wormald, President, Asia Pacific, Mastercard. "The ICoE builds on Mastercard's longstanding collaboration with EDB and Singapore's strength as a proven testbed for innovation. It unites capabilities that traditionally sat apart, supporting the region in tackling shared challenges and moving promising ideas into practice faster."
From Singapore, shaping the future of commerce across Asia Pacific
The opening of ICoE in Singapore comes as businesses across Asia Pacific look to close the gap between technology experimentation and adoption. By 2030, more than one in 10 online shoppers are projected to routinely use AI agents to make purchases on their behalf, while US$3 trillion to US$5 trillion in global consumer commerce could be influenced or orchestrated by agentic AI. Realizing this opportunity will require businesses to deploy new technologies responsibly, with security, governance and human oversight built in from the outset, particularly in a region where cybercrime already accounts for over 30% of recorded crime.
The ICoE will connect Mastercard expertise and insights across more than 40 Asia Pacific markets. From Singapore, it will develop solutions for the region's diverse needs, with the potential for the strongest ideas to scale globally.
Mastercard has more than 850 employees in Singapore, home to its Asia Pacific headquarters and a key market support centre for the region, with the workforce expected to exceed 1,000 by the end of 2029. This growth will deepen the expertise needed to shape a more intelligent, connected and secure future for commerce.
Download high-resolution visuals and supporting materials of the ICoE in Singapore here.
About Mastercard
Mastercard powers economies and empowers people in 200+ countries and territories worldwide. Together with our customers, we're building a resilient economy where everyone can prosper. We support a wide range of digital payments choices, making transactions secure, simple, smart and accessible. Our technology and innovation, partnerships and networks combine to deliver a unique set of products and services that help people, businesses and governments realize their greatest potential.
www.mastercard.com
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Mastercard opens its largest Innovation Centre of Excellence in Asia Pacific to drive the intelligence economy
